NVE Suit Dismissed Over Unproven Claims, Puffery

Law360, New York (July 5, 2007, 12:00 AM EDT) -- A U.S. District Court judge has dismissed a shareholder class action suit accusing nanotechnology company NVE Corp. of misrepresenting its intellectual property in a scheme to defraud investors.

Judge Michael J. Davis of the District of Minnesota granted NVE's motion to dismiss the case Tuesday, ruling the shareholders failed to prove that NVE executives knowingly lied about the company's technology.

The shareholders claimed that NVE executives misled investors about patent agreements related to the company's Magnetoresistive Random Access Memory, or “MRAM” technology through a series of...
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